Insurance Terminology Explained | 10 Important Insurance Terms for Beginners

Want to understand how insurance works? Start by learning these 10 essential insurance terms that every beginner, insurance aspirant and working professional should know.

1. Policy – A contract between the policyholder and the insurance company.
2. Premium – The amount paid to keep an insurance policy active.
3. Coverage – The protection provided under an insurance policy.
4. Sum Assured – The guaranteed amount payable under a life insurance policy, subject to policy terms.
5. Claim – A request made to the insurer for benefits or payment under the policy.
6. Deductible – The amount the policyholder pays before the insurer covers eligible expenses, where applicable.
7. Exclusion – A condition or situation that is not covered by the policy.
8. Renewal – Extending the policy for another term.
9. Rider – An additional benefit that can be added to a policy.
10. Nominee – The person designated to receive policy benefits in specified circumstances.

Why learn insurance terminology?
• Understand policy documents better.
• Improve your insurance industry knowledge.
• Prepare for insurance interviews and job opportunities.
• Make more informed insurance decisions.

Learn insurance concepts and industry terminology with Prabh Kirpa Classes.

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